Do we have an attrition problem that we didn't see coming? I have heard of multiple PSG 26-27 folks retiring on short notice because they would be losing money on their pensions by continuing to work while interest rates rise. Is this a problem or an opportunity?
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You have a constipation problem, OP. I suggest you try a fiber laxative, or, even better, more fiber in your diet. That will get you right back on schedule!
@2tzh, agree 100%, and they are living large while others pay the price and they have duped sheep like @2tzh into following them obediently with the temptations of a never to be reached dream instead of achieving "personal liberty" though actions of their own and their own successes. Sure, @2tzhp, keep toiling for your elite masters and following their ideology, and falsely accuse successful independents of doing what you are actually guilty of. You're an open book, lil fella.
@2tzh+1gHNghVx You sound like one of those clowns that demands loyalty to work at the cost of personal liberty. Good thing you’re not a manager.
@1vep, yes, agree with what you're saying. I took the 2020 package, but I had been planning my retirement (financial, location, how to fill my day, etc.) for several years before that, and that package was way too lucrative. I really do hope there aren't any people panic-retiring over rising interest rates and its effect on lump sum calculations. (One thing is for sure, though - interest rates are not coming back down anytime soon.) Retirement is a once-in-a-lifetime decision and shouldn't be rushed into without a comprehensive plan in place.
@2gbd, cool story bro. I like that the recent Gulf upswing has attracted some of the more technical workers as well. Too bad about the lease sale conundrum and the continuous pushback from the mental mid-ets in the JB admin. Maybe one day the Lib. elite will realize that the Earth's natural resources are not just for them to exploit (air, land & sea travel, everything made from/using Hydrocarbon derivatives which is 90% of all tech.) as they deny others the opportunity to succeed while they bask in the sun at the Hamptons, or the equiv. They are enjoying the fruits and labor of O&G workers as they now try to shut it down for others. "They got theirs", ya know!
I thought about taking the package during the last layoff (and financially probably should have), but was not really ready to retire. I had projects I enjoyed working on and I found work from home to be an attractive life style. I also liked the sound of a flatter, more efficient organization, and the promise of being allowed to focus on the technical work without the burdens of needing to feed management’s needs to feel important. Now as we head back into the office and the transformation has progressed, I remember again all the office nonsense I was insulated from working at home (or at least was able to happily ignore). I am disappointed that the new organization is not only no flatter but seems to have three times the useless meetings than before (Agile champions, wankers, facilitators, supervisors, owners, reviewers… and whatever… I refuse to really pay attention to all this nonsense). So I recently decided to depart, working on the gulf swing started seem more attractive than the technical work I was trying to complete) and I have long had more money than I need to retire. I put this out there only to suggest (agree with the previous post) than not all retirements revolve around the details of economics and some just happen when folks decide they are ready to move on.
Wow. just wow. An actual legit adult response in the losers section. Uhh, are you lost?
People stay for different reasons and not always money or package is the reason to stay or leave. For many medical health insurance for family might be more important [kids with health issue, etc]. For some the issue might be other family obligations, lack of opportunities or a sense that career can advance if they stay [and it may not happen]. Also once you are past 55, retirement becomes in many ways stressful in a sense of what do with your free time if you have no planned it well in prior time. In any case I do not see significant attrition happening, normal retirement rate for folks who decided to stay 2 years ago. Also no one knows how the future will be, it can be way better or way worse, you make decisions based on today and your current situation and your risk tolerance.
They should have taken the 2020 EOI 'bonanza'. Foolish dedication to their career or Chevron is now costing them.
The boat sailed Dec 2020 when rates hit their all time low and severance package hit all time high.
Perfect storm on getting ones lump invested! Wait any longer and you get hitby both devaluaton (due to rising interest rates) and you miss the bottom of this economic cycle. In fact, anyone just now applying for their pension may have already missed the boat!
for a psg 26-27 that has been 20+ years the losses with the market down and much higher than potential gains from buying low on a few paychecks....the hay is in the barn already.
only small saving grace, if you call it that, is 401k contributions and matches are now buying 'low' with market sell out and losses last six months or so.
Another 50 bps hike in June. Then another in July. Significant lump sum erosion coming unexpectedly quickly. Key word - unexpectedly. But when does anyone in the oil industry have accurate foresight?
it's definitely an opportunity for the 24-25s. next ones up.